Harrah's Entertainment Inc has received final regulatory
approval needed to complete the largest casino buyout ever, a year
after Apollo Management LP and TPG Inc agreed to the US$17.1
billion purchase.
The National Indian Gaming Commission approved the acquisition,
removing the last regulatory hurdle to the purchase, Las
Vegas-based Harrah's said in a statement. The transaction will be
completed in early 2008, the company said.
Harrah's, the world's largest casino company, received
permission from Illinois, Nevada, Indiana and six other regulators
in the states where it operates. The buyout firms agreed in
December 2006 to acquire Harrah's for US$90 a share, attracted by
its real-estate holdings and ability to generate cash, according to
Bloomberg News.
Indian approval was needed because Harrah's runs tribal casinos.
Founded in 1937 in Reno, Nevada, Harrah's owns the Bally's, Caesars
and Flamingo casinos in Las Vegas as part of its holdings, most of
which are in the United States and UK. It also runs the World
Series of Poker tournament.
(Shanghai Daily December 27, 2007)